INCENTIVE DESCRIPTION

State:	UT
Incentive Type:	Income/Franchise Tax Incentives and Credits
Incentive Title:	Other Tax Credits
Description:	1. ENTERPRISE ZONES: The following nonrefundable Utah tax credits are available to qualifying businesses expanding or relocating to an enterprise zone: (A) A credit of $750 for each new full-time position filled for not less than six months during a tax year. (B) For those full-time jobs created, an additional credit of $500 is availble if the new job pays 125% of the average monthly wage of thet position. (C) For those jobs in manufacturing or processing, a $750 credit is available as long as value is added to agricultural commodities. (D) A $200 tax credit is available to employers who provide health insurance and pay at least 50% of the premium over a two year period. (E) A 50 percent tax credit is available for cash contributions made to a private nonprofit 501(c)(3) whose primary focus is community and economic development. The tax credit may not exceed $100,000. (F) For buildings which have been vacant over two years, a 25% tax credit is available. The building must be located in the enterprise zone and only the first $200,000 spent on rehabilitation is considered.(G) An annual 10% investment tax credit is available on the first $250,000 of investment and 5% on the next $1,000,000. Qualified investment includes investment in plant, equipment, or other depreciable property. 2. AEROSPACE INDUSTRY TAX CREDIT: The Utah Aerospace and Aviation Tax Increment Financing (AATIF) assists companies creating new aerospace and aviation manufacturing jobs. Qualified companies may receive up to 30% rebate of post performance state revenues. 3. RECYCLING ZONES Tax credits are available to businesses that collect, process, distribute or use recycled materials in their manufacturing process. Incentives include 5% state tax credit on machinery and equipment, 20% state tax credit on eligible operating expenses up to $2,000, technical assistance from state recycling Economic Development professionals and various local incentives. 4.ECONOMIC DEVELOPMENT ZONES:Economic Development Tax Increment Financing (EDTIF) is a state incentive program that grants local communities the authority to establish Economic Development Zones to encourage job creation and capital investment. The business may receive a partial rebate of taxes paid to the state. The average rebate is 15% tax rebate over 5 years.
Eligibility Requirements:	1. For businesses to qualify for the enterprise zone credit, at least 51 percent of the employees employed by the business located in the enterprise zone must reside in the county in which the enterprise zone is located. Public utilities and businesses engaged in retail trade are not eligible for this credit. Construction jobs are not eligible for some of the tax credits. 2. Eligible projects must be near airports that have an instrumental landing system, manned air traffic control tower and land available for commercial development. Business must be located in a Recycling Market Development Zone. 4. Eligible companies must create new jobs that pay the median county wage and do not move jobs from one part of the state to the other. Incentives will be granted in specific targeted areas and may not be used for retail distribution projects. The length of the project may last no more than 10 years. A business may not receive a rebate more than 50% of the total state revenue paid. All projects must be approved by the Board of Business and Economic Development.
Geographic Restrictions:	Must meet Enterprise Zone geographical requirement
Granting Authority:	Department of Community and Economic Development

The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.